UBL profits jump 46pc

Updated October 17, 2019

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United Bank Ltd, for the nine-months ended September, reported profit-after-tax at Rs14.2 billion, up 46 per cent from Rs9.74bn during the same period last year. — Screengrab/File
United Bank Ltd, for the nine-months ended September, reported profit-after-tax at Rs14.2 billion, up 46 per cent from Rs9.74bn during the same period last year. — Screengrab/File

KARACHI: United Bank Ltd, for the nine-months ended September, reported profit-after-tax at Rs14.2 billion, up 46 per cent from Rs9.74bn during the same period last year.

On a quarter-on-quarter basis, the bank’s profits declined by 2pc.

The bank also declared a dividend of Rs3 per share for the quarter taking total payout to Rs8 per share for 9MCY19.

The bank’s earnings per share clocked in at Rs11.62.

On a year-on-year basis, the bank’s profit-before-tax after excluding pension liability from last year increased by 11pc. The bank’s net interest income settled at Rs46.5bn during 9MCY19, rising 7pc YoY.

PTCL net income dips

Pakistan Telecommunication Company Ltd’s (PTCL) consolidated net profit declined by 32 per cent year-on-year in 9MCY19 owing to economic downturn, higher inflation, rupee devaluation and the restoration of GST /FED on mobile telephony by the Supreme Court.

This decrease in profitability was led by a decline of 13pc in Ufone’s revenue receipts whereas PTCL sales edged up 0.4pc during the period.

The overall group revenues rose by 4.5pc to Rs97.96 billion in the nine months while operating profit was just over Rs6bn, exhibiting a decline of 15pc.

Attock Petroleum profits down 20pc

Attock Petroleum Ltd (APL) reported profit-after-tax at Rs1.23 billion, translating into earnings per share of Rs12.31 for the quarter ended Sept 30.

The net profit slipped 20 per cent from Rs1.55bn and EPS at Rs15.55 in the similar quarter of 2018. The company’s net sales of the compnay increased to Rs59.2bn, from Rs57.7bn.

EPQL earnings rise to Rs2.61bn

Engro Powergen Qadirpur Limited disclosed results for nine-months ended Sept 30, posting profit-after-tax at Rs2.61bn and EPS at Rs8.06, up from Rs1.92bn and EPS at Rs 5.94 in the same period last year.

Soap noodles plant

Sitara Chemicals Industries Limited notified the exchange regarding its capital expenditure to set up a project of soap noodles based on European technology having production capacity of 34,000 metric tonnes per annum with a project cost of Rs1.75bn.

Startups shine in regional tech moot

Pakistani entrepreneurs featured prominently in the region’s largest technology conference, the 39th iteration of GITEX in the United Arab Emirates, which hosted technology companies and startups from over 140 countries, a press release issued by Magnus Communications said.

Seven Pakistani startups, from diverse sectors such as construction, health and robotics, showcased at the event at the World Trade Centre.

These were: WonderTree, AzaadHealth, TechTree, Two Dots Design Studio, Social Champ, Precision Bird and ModulusTech.

Published in Dawn, October 17th, 2019